Luxury brand Bottega Veneta signed a lease to move into an Upper East Side storefront that is owned by the Wildenstein family.
Bottega Veneta will be setting up shop in the 24,000-square-foot store, which will be created out of three landmarked townhouses at 740 Madison Avenue as well as 23 and 25 East 64th Street, according to the Wall Street Journal.
The Real Deal reported last week that Bottega Veneta’s estimated annual rent payment of $8 million was the fourth most expensive lease of 2014, as ranked by estimated yearly rental costs.
Cushman & Wakefield represented both sides in the deal.
“The goal is to build upon [this project] and start investing more heavily into real estate, building more heavily a presence in real estate for the family,” David Wildenstein, who has created Wildenstein Realty Corp, told the Journal. Wildenstein said his father had contemplated selling the properties, but he convinced him to keep them in the family of international art dealers.
The new Bottega Veneta location is next door to the Wildenstein family’s gallery and headquarters at 19 East 64th Street, according to the newspaper. [WSJ, 1st] — Claire Moses